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G7 Summit leaders say: Stop the crowd funding disaster

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Leaders of the world’s richest nations have been told to immediately end support for fossil fuels and other planet killing practices as the G7 summit convenes today.

The Planetary Emergency Partnership, comprised of around 350 leading scientists, economists and business and civil society organizations, sent a letter today to leaders meeting in Cornwall, UK, calling for urgent reforms to establish the majority action needed to address climate emergency.

Under the heading G7: Assess the future, stop the crowd funding catastrophe, the letter states: A resilient, zero-zero, nature-positive global economy will be a critical driver of human health, well-being and prosperity and should be in the heart of a global regeneration of COVID-19. However, many of today’s investments are working against this goal, casting a long shadow over resistance to future climate shocks, biodiversity loss and health pandemics.

The signatories then make five requests to G7 leaders to take action on five key decisions:

First, to approve Target 50×30, which commits countries to reduce CO2 emissions by 50% by 2030.

The second, to support Communication of the Ministers of Climate and Environment G7 published in May, which calls for, among other things, official protection of at least 30% of the world’s land and oceans by 2030, reversing biodiversity loss and phasing out government support for fossil fuel projects, with a ban immediate new finance for coal this year.

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The third, to put an end to what the partnership calls perverse fossil fuels and agricultural subsidies by 2025. The letter notes that such subsidies amounted to a staggering $ 5.3 trillion, or 6.5% of global GDP, in 2015.

Fourth, to align public finances with the goals of the Paris Agreement, including the completion of fossil fuel energy investments this year and the tripling of investments in zero carbon energy by 2025. The partnership notes that between 2017 and 2019, the G7 decided $ 86 billion public money on fossil fuels three times more support compared to clean energy.

E pesta, the signatories urge governments to conduct appropriate due diligence to assess and respond to climate risks and to establish sound financial platforms to support sustainable supply chains. Governments need to act today to steer the finance sector toward sustainable finance and to ensure future resilience to environmental and health crises, the demands end.

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Signature Johan Rockstrm, Director of the Potsdam Institute for Climate Impact Research, said: We do not expect more miracles; but we demand urgent action in proportion to the scale of the challenges the world faces. Drawing the attention of the Planetary Emergency Plan Club of Rome, Rockstrm said: The COVID Recovery Post presents an opportunity to really leap forward to build hope and take action to respond to human health crises, economy, climate and biodiversity with long-term solutions that will build resilient and regenerative societies.

The G7 summit had an unfortunate start, with its host leader, UK Prime Minister Boris Johnson, urging other leaders to take bold climate action, but choosing to make the short trip from London to Cornwall using a large passenger planea decision that has been mocked in the press and on social media for its dull tone. And much of the early noise from Cardis Bay, where the summit is taking place, has so far been dominated by quarrel over Brexit.

Sandrine Dixson-Declve, co-president of the Club of Rome, which convened the Planetary Emergency Partnership, urged the G7 to take its responsibilities more seriously.

We urge G7 Leaders to adopt objectives and schedules comparable to the planetary emergency in question and anticipate economic impacts from future climate, health and environmental crises, Dixson-Declve said. She noted a report by the Swiss Re Institute in April which shows that the G7 nations will lose 8.5% of GDP each year the economic impact of Covid-19 if temperatures rise by 2.6 degrees Celsius, which is the current climate trajectory.

At a minimum, Dixson-Declve said, G7 leaders need to show leadership by shifting hundreds of billions of dollars from perverse fossil fuel subsidies and agricultural practices that increase GS emissions and biodiversity loss and agree to shift capital to low carbon and nature-based economy activities during this decade.

The Planetary Emergency Partnership Letter can be read here.

The G7 summit will end on Sunday.

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